Conducting event studies with Asia-Pacific security market data

We investigate the effectiveness of several well-known parametric and non-parametric event study test statistics with security price data from the major Asia-Pacific security markets. Extensive Monte Carlo simulation experiments with actual daily security returns data reveal that the parametric test statistics are prone to misspecification with Asia-Pacific returns data. Two non-parametric tests, a rank test [Corrado and Zivney (Corrado, C.J., Zivney, T.L., 1992, The specification and power of the sign test in event study hypothesis tests using daily stock returns, Journal of Financial and Quantitative Analysis 27(3), 465-478)] and a sign test [Cowan (Cowan, A.R., 1992, Non-parametric event study tests, Review of Quantitative Finance and Accounting 1(4), 343–358)] were the best performers overall with market model excess returns computed using an equal weight index.

Use of wild fish and other aquatic organisms as feed in aquaculture; a review of practices and implications in the Asia Pacific

Global and Asian aquaculture have witnessed a ten-fold increase in production from 1980 to 2004. However, the relative percent contribution to production of each of the major commodities has remained almost unchanged. For example, the contribution of freshwater finfish has declined from 71 to 66 percent in Asia but has remained unchanged globally over the last 20 to 30 years. This fact has dictated trends in the use of fish as a feed for cultured stocks. The growth in the sector has gone hand in hand with an increasing dependence on fish as feed, either directly or indirectly. In a number of countries in the Asia-Pacific region, the aquaculture sector has surpassed the capture fisheries sector in its respective contributions to the gross domestic product (GDP). Aquaculture’s increased contribution to national GDPs can be taken as a clear indication of the contribution of the sector to food security and poverty alleviation. The use of finfish and other aquatic organisms as a feed source can be through direct utilization of whole or chopped raw fish in wet form, through fishmeal and fish oil in formulated feeds, and/or as live fish, although the latter is uncommon and the overall amounts used are relatively small. In the first two categories, the fish used are often termed “trash fish/low-value fish”. Although attempts have been made to define this term, all definitions have a certain degree of ambiguity and/or subjectivity. In this regional review, the amount of fish used as feed sources based on the above categories was estimated primarily from the production data, supported by assumptions on the inclusion levels of fishmeal in formulated feeds and observed feed conversion efficiencies for both formulated feeds and for stock fed trash fish/low-value fish directly. A scenario for the use of fish as feed was developed by starting from the levels of aquaculture production recorded in 2004 and assuming increases in production volumes of 10, 15 and 20 percent by 2010, respectively, for the three trajectories. In parallel, the pattern of wild fish use as feed was projected to change as fish and shrimp farmers increasingly replace farmmade feeds by incorporating trash fish/low-value fish with manufactured feeds that include fishmeal. Also, the fishmeal inclusion rates in manufactured feeds are falling slowly, and this has been incorporated into the projections. The regional review also deals with the production of fishmeal using trash fish/low-value fish in the Asia-Pacific region. Regional fishmeal production as a whole is relatively low when compared with that of major fishmeal-producing countries such as Chile, Iceland and Norway, amounting to approximately 1 million tonnes per year. However, there is a trend towards increasing the use of fish industry waste, such as from the tuna canning industry in Thailand. The fishmeal produced in the region is priced considerably lower than globally traded fishmeal, but its quality is poorer. Total fishmeal use in Asian aquaculture in 2004 was estimated as 2 388 million tonnes, the highest proportion of this being used for crustacean aquaculture (1 418 million tonnes). Based on growth predictions (to year 2010) in the sector and improvements to feed quality and management, it is expected that the quantity of fishmeal used in Asian aquaculture will be slightly less than at present. An estimated 240 000 tonnes of fish oil is used in Asian aquaculture, principally in shrimp feeds. Based on production estimates of commodities in 2004 that rely on trash fish/low-value fish as the main feed source, this regional review suggests that Asian aquaculture currently uses between 2 465 and 3 882 million tonnes, an amount that is predicted to decrease to between 1.890 and 2 795 million tonnes by 2010. The use of trash fish/low-value fish and fishmeal by the aquaculture sector has been repeatedly adjudicated as a non-sustainable practice, and globally the sector is seeking to reduce its dependence on fish as feed through improved feed management practices and development of better quality feeds and feed formulations using alternative ingredients. Over the next few years, decreases in the use of trash fish/low-value fish are also expected to be achieved through better conversion of raw materials into fishmeal and fish oil during the reduction processes. The “way forward” in addressing the issue of the use of fish as feed in aquaculture in the Asia-Pacific region includes the need for a concerted regional research thrust to reduce the use of fish as feed sources in aquaculture, as has been achieved in the animal husbandry sector. Secondly, there is a need to increase farmer awareness on the use of trash fish as feed. This is achievable, considering the similar progress that has been made by the region’s shrimp farming sector, which almost exclusively involves small-scale practitioners who are often clustered in a given locality. The analysis also suggests that the use of trash fish/low-value fish in aquaculture may be compatible with improving food security and alleviating poverty. In Asia, trash fish/low-value fish is mostly landed in areas where there are other suitable fish commodities for human consumption. To make the trash fish/low-value fish suitable and available for human consumption would involve some degree of value-adding and transportation costs, which are likely to increase the price to beyond the means of the consumer, particularly in remote rural areas. Under such a scenario, the direct or indirect use of this perishable resource as a feed source to produce a consumable commodity appears to make economic sense and appears to be the most logical use for overall human benefit. In this manner, trash fish/low-value fish contributes to food security by increasing income generation opportunities and hence contributes to poverty alleviation. Another factor that needs to be taken into account is the large numbers of artisanal fishers who harvest this raw material. The continued use of trash fish/low-value fish, therefore, allows these fishers to maintain their livelihoods¹. Admittedly, this is an area that warrants more detailed investigation, from resource use, livelihoods and economic viewpoints.

The sixth oceanic conference on international studies: Transitions in the Asia pacific

The Sixth Oceanic Conference on International Studies (OCIS) was held in Melbourne, Australia between 9 and 11 July 2014. The conference was hosted by the School of Social and Political Sciences at University of Melbourne and supported by the Australian Institute of International Affairs, Deakin University, La Trobe University, Monash University, RMIT University and Swinburne University. The Sixth OCIS had a broad organizing theme of ‘transition’ focused on the changing balances of power shaping the Oceanic and Asia Pacific regions and related questions of social and political change in this context. Over 200 papers were presented at the conference, reflecting a wide variety of issues in international studies and related fields of scholarship. Amongst this diversity, the conference did have some recurring themes relating to great power rivalry, the influence of China, and the implications of multilateral frameworks and key bilateral relationships on the security and economic dynamics of the region. Significant attention was also devoted to analysing the foreign policies and political institutions for managing problems of peacebuilding, terrorism, gender inequality and sexual discrimination, people movements, climate change and financial instability at the regional and global levels. This special issue of Global Change, Peace and Security reflects these themes of transition in the Asia Pacific and comprises a diverse array of contributions from scholars attending this conference.

Diet and hypertension in the Asia-pacific region : a brief review

In this paper, the possible reasons for the prevalence of hypertension in the Asia–Pacific region are examined, along with its likely dietary, nutritional and sociocultural causes. This brief survey indicates the need for more comprehensive blood pressure monitoring and surveillance throughout the region. Findings from research conducted in the region and elsewhere suggest that a variety of aetiological factors predict the occurrence of hypertension, most of which are similar to those observed in western populations. However, several lines of research suggest that obesity, abdominal obesity and a number of dietary constituents, in addition to salt, may play relatively greater roles than in western populations. It is argued that hypertension may be prevented via a combination of individual, community and governmental approaches which promote social capital, environmentally sustainable food production and the public health.

Missionaries, music and method - dissemination of tonic sol-fa in Asia-Pacific countries during the nineteenth century

The Tonic Sol-fa method of teaching choral singing and its system of music notation was developed in England by John Curwen and propagated throughout the British Isles as a means of both enhancing Christian worship and achieving social reform. Tonic Sol-fa may be identified as an entirely foreign musical practice introduced to indigenous people in many British colonies and in other overseas countries during the nineteenth century as an instrument of Christian evangelism as well as of European cultural imposition. Nevertheless, indigenous communities were introduced to other aspects of European musical culture including a choral repertoire consisting of four-part hymnody and masterworks by Handel, Bach, Mozart, etc which sometimes resulted in the emergence of a school of indigenous composers writing in Tonic Sol-fa notation and using the tonal harmonic style. The result has been that in several countries-such as South Africa and Fiji for example-Tonic Sol-fa has been so fully assimilated into the ethnic culture that it has been "indigenized" and may now be said to represent a significant exogenous aspect of the musical culture in these countries.

Tonic Sol-fa was most commonly introduced to countries in the Asia-Pacific Region -as in Africa - by Christian missionaries who sought to exploit the attraction of hymns, particularly when sung in four-part harmony, as a means of evangelizing indigenous people who frequently regarded this aspect of missionary activity as a form of "magic". In particular, the Tonic Sol-fa method and notation gained a significant foothold in what were referred to as the South Sea Islands--especially in Fiji where today, the Fijian Hymn Book (1985 edition) is notated exclusively in Tonic Sol-fa. The vast majority of the Fijians are literate in Tonic Sol-fa notation and congregational singing in four parts is the norm in Fijian churches.

This paper will draw on data from nineteenth century journal sources, particularly The Tonic Sol-fa Reporter (1853-1888) and The Musical Herald (1889-1920), and will document the introduction and dissemination of Tonic Sol-fa in several Asia-Pacific countries where, unlike Australia and New Zealand, the indigenous population has maintained its own cultural and demographic predominance. Countries to be considered will include India, China (including Hong Kong), and Pacific Island nations. There will also be a consideration of the contemporary usage and applications of Tonic Sol-fa in the region, with specific reference to Fiji. It will be argued that countries where Tonic Sol-fa notation has become the norm should resist any external pressure to transfer to the standard staff notation merely for the sake of conformity. In the case of Fiji, almost universal music literacy has been achieved through Tonic Sol-fa and this should be recognized as an enviable social and cultural asset.

Evidence-based nutrition and cardiovascular disease in the Asia-Pacific region

The Asia-Pacific region is undergoing a major change in both food and health patterns, with a connection between the two more than likely. Evidence for certain traditional Asia-Pacific foods as protective agents against chronic non-communicable disease and cardiovascular disease (CVD), in particular, is growing at a time when their usage diminishes. The nature of the evidence to establish relevant Asia-Pacific food-health linkages will include randomised placebo-controlled clinical trials, but is much more extensive and meaningful. Okinawans have probably achieved one of the most successful food cultures from a health point of view and serve as a reference point for the Asia-Pacific region. The expert working party has produced, in November 2000, the 'Okinawan Recommendations on Nutrition and CVD in the Asia-Pacific region'.

HIV discrimination : integrating the results from a six-country situational anaylsis in the Asia Pacific

The findings of the six independent studies on institutional forms of HIV discrimination in the Asia Pacific presented in this Special Issue of AIDS Care are integrated. At first glance, the general pattern of the results across the study sites suggests that discrimination is most pertinent in the domain of 'practice' rather than in the domains of law or institutional policy. On closer analysis, however, utilising the qualitative data, this conclusion does not take sufficient account of the cultural context within which the interpersonal interaction (practice) between the health carers and people living with HIV/AIDS occurs. Limitations on the use of anti-discrimination legislations and protective written policies for reducing discrimination in these contexts are discussed. The need for alternative approaches to thinking about discrimination intervention is raised and this is done through a consideration of the strategy of universal precautions.

An Asia Pacific six-country study on HIV-related discrimination : introduction

This paper outlines a six-country study of institutionalised forms of HIV/AIDS-related discrimination in the Asia-Pacific region. Although recognised as a barrier to disease prevention and treatment, very limited data are available on the effects of institutionalised HIV-related stigma and discrimination. Understanding the forms of discrimination within the institutions where they occur is the first step to identifying effective ways of promoting compassionate, non-discriminatory treatment of PLWHA. Thus, the goal of this research project was to document institutional discrimination against PLWHA, as guided by the UNAIDS Protocol for the Identification of Discrimination Against People Living with HIV (2000), in six Asian countries: India, Thailand, Philippines, China, Vietnam and Indonesia. As a precursor to the six individual studies, this paper provides a brief overview of the literature on HIV discrimination, and then describes the UNAIDS Protocol and the shared methodological considerations relevant to all of the study sites. Commonalities in sampling, procedures and analysis are also discussed.